Results of extraordinary General Meeting of KAZAHTELEKOM shareholders

/KASE, Jan.26, 00/ - KAZAHTELEKOM (Almaty, official list of securities, "A" category) according to the listing requests has granted the Kazakhstan Stock Exchange (KASE) protocol of the shareholders' extraordinary General Meeting. At the extraordinary General Meeting, which was held on December 15, 1999, the KAZAHTELEKOM shareholders have ratified the following solutions of the Board: - about a $50 million loan from the European Bank for Reconstruction and Development (EBRD) to the telecommunication projects financing; - about the money deposit on the security of liabilities under the KAZKOMMERTSBANK Credit Line General Agreement of Apr.05, 99 to the sum of $23 million (it includes the four earlier made agreements on the special credit service to the total sum of $18,515,617, and also agreement on granting of $2,301,272 bank's warranty and credit agreement to the sum $5,132,600). The following questions were removed from the agenda: - about a sale of a part of the KAZAHTELEKOM shares state block to EBRD - in connection with absence of the corresponding agreement; - about the $10 million loan from Export Development Corporation (EDC) for the financing of the Nortel (Netas, Vesnet) equipment and stations deliveries, which? According to the Law "About joint-stock companies" is not large. The question concerning an additional election of the KAZAHTELEKOM Board members is postponed on the following General Meeting in connection with necessity of the Ministry of Justice additional explanation. The general agreement on the $23 millions credit line in KAZKOMMERTSBANK was authorized by the KAZAHTELEKOM shareholders at the extraordinary General Meeting of May 21, 1999. At that meeting the following bank loans were authorized also: - $4,000,000 from the bank Credit Lyonnais - to the investment due into International satellite organization Intelsat; - $10,000,000 from the Citibank Bahrain - to the circulating assets updating; - DM7,148,161 from the ABN AMRO Bank N.V. - to financing of the Lucent Technologies' long distance stations delivery to Almaty, Taraz, Ural'sk and Aktjubinsk; - $5,097,150 from Bank Leume Le Israel B.M. - to financing of the Gilat's DAMA system equipment, and $2,456,172 - to financing of the Tadiran's equipment delivery.